FCA revokes permissions of convicted sex offender IFA
The FCA has permanently revoked the regulatory permissions of IFA Frensham Wealth Ltd following the conviction of director Jon Frensham for a child sex offence.
Last year the regulator temporarily barred the firm from carrying out any regulated activities, known as part 4a permissions when it became aware of the background
This week the watchdog has made the ban permanent after Frensham Wealth decided not to appeal. The firm no longer has permission to carry out authorised business.
The FCA said last year it had acted because it believes the firm posed a risk to consumers.
Mr Frensham (formerly known as Jonathan James Hunt) was the sole director at Frensham Wealth Limited of Walton-on-Thames, Surrey. He was banned by the FCA in September for lacking the integrity required to work in financial services.
In March 2017, he was convicted of attempting to meet a child aged 15 following sexual grooming. On 27 March 2017, he was sentenced to 22 months in prison, suspended for 18 months.
He committed the offence while he was an approved person and while on bail for a similar offence.
He also failed to inform the FCA of the decision by the Chartered Insurance Institute (CII) not to renew his Statement of Professional Standing and to expel him from membership.
The watchdog said in September that given the circumstances, including his conviction for a serious offence, the FCA considered that Mr Frensham was not a "fit and proper" person to perform any function in relation to any regulated activity because he lacked integrity and good reputation.
Mr Frensham was ordered to notify his clients about the FCA decision and update his website to make it clear he is no longer authorised.
In a Final Notice issued today (1 April) the FCA said the authority issued to Frensham Wealth a Decision Notice which notified Frensham Wealth that under section 55J of the Financial Services and Markets Act 2000, the authority had decided to cancel Frensham Wealth’s Part 4A permissions permanently.
Frensham Wealth had not referred the matter to the appeal body, the Upper Tribunal (Tax and Chancery Chamber) within 28 days of the Decision Notice and as a result all its permissions have been cancelled permanently.
The notice said: “The Authority is satisfied that it is no longer necessary to keep Frensham Wealth’s Part 4A permission in force, and accordingly, the Authority must cancel Frensham Wealth’s Part 4A permission.”